Regulatory Alerts2013-07-04 | BPS/DIR/CIR/GEN/02/031Submission of Fraud Report on Electronic Channels using a Common Portal for the Industry
The Central Bank of Nigeria established the Nigeria Electronic Fraud Forum (NeFF) in collaboration with CBN and NIBSS to develop a safer and more efficient payment system. A fraud reporting portal was created for industry participants to share experiences, with a deadline for all financial institutions to register and start using it by July 12th, 2013. The reports should be submitted weekly, and failure to comply would result in sanctions. This initiative is critical for the success of the Cashless Nigeria Project and maintaining public confidence in the payment system.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
Tuesday, 02 July 2013 BANK [REA BEALERS] A SET FO 2 REPARTMENT To: All Deposit Money Banks, EFT Switches, Mobile Money Operators and Other Financial Institutions SUBMISSION OF FRAUD REPORT ON E-CHANNELS USING A COMMON PORTAL FOR THE PAYMENTS INDUSTRY In furtherance of its effort in the development of a safe, reliable and efficient payments system in Nigeria, the Bank undertook some major initiatives. One of such initiatives was the establishment of Nigeria Electronic Fraud Forum (NeFF).
The NeFF in conjunction with CBN and NIBSS developed and operationalised a fraud reporting portal for the industry. The purpose of the Portal was to provide a controlled environment where participants in the payments industry could share fraud experiences with a view to providing for better education and strategic preventive methodology that could reduce the incidences and amounts lost to fraudsters.
In order to sustain public confidence in the Payments System, especially for the successful implementation of Cashless Nigeria Project, it is imperative for all the stakeholders to collaborate with a view to addressing fraud risks and its associated challenges.
It has therefore, become necessary for all the Banks, EFT Switches, Mobile Money Operators and other Financial Institutions to get in touch with NIBSS Plc, for training and access rights to the portal, amongst others. The registration process should be completed not later than 12th July 2013 while "fraud report on e-channels" using the approved format should be uploaded to the portal every Monday following the reporting week.
Should you require further clarification, please do not hesitate to contact seyiaden@nibssplc.com (08033339244) Kindly note and ensure strict compliance, as defaulters would be sanctioned.
'DIPO FATOKUN Director, Banking and Payments System Department